How much Health Cover is adequate?

Health insurance plans provide risk coverage against expenses resulting out of any unforeseen medical emergencies. It is important to get a health insurance plan, but it is more significant to select the right plan. Until and unless, the plan doesn’t offer adequate cover, having or not having a policy is the one and same thing.

The type of health plan and the amount of cover depends on several factors including present health, family health history, working the environment, past illness and so on. First short-list the plans based on primary factors. After that, look for the plans that offer adequate cover to meet up the cost of medical treatment in the resident city. The people living in metros should opt for a high sum assured health policies.

Nowadays, many people opt for the family floater plan so that they can get health insurance at low cost. However, the insured amount will fall short if more than one family member has to be admitted to hospital for medical treatment. For this reason, individual covers serve as a better option over family floater plans.

All the health plans do not offer similar benefits. It indicates that the people can choose to buy different health plans for the members of a single family. Once bought, the plans should be reviewed and revised every three to four years, depending on the changing needs such as marriage or children.

It is important to study the terms and conditions of a health insurance policy. The questions like what are the diseases that the policy covers, what are the exclusion clauses, what is the waiting period and likewise should be answered before buying the health insurance plan.

Most of the people opt for a basic health insurance plan that covers the insured from minor ailments. However, this cover might not be sufficient in case of a major critical illness. Individuals should plan for such contingencies and prepare a provision by opting for a high sum assured health insurance plan.